BNY Mellon Enters The Crypto Custody Market Officially
According to a press statement on Tuesday, the oldest bank in the United States, Bank of New York Mellon, has announced that its bitcoin custody platform is officially operational in the country.
The two biggest cryptocurrencies, Bitcoin and Ether, can now be held and transferred by its select customers without the need for a cryptocurrency-specific business.
BNY Mellon’s CEO and member of the board of directors, Robin Vince, claimed that his company can use blockchain technology to “reimagine” the world’s financial markets.
Today’s news was first reported by The Wall Street Journal, which said that BNY Mellon has received regulatory approval and can start accepting cryptocurrency from clients this month.
BNY Mellon American revolutionary Alexander Hamilton accepted Bitcoin
At the time, it declared that later this year, its users would be able to keep and transfer the biggest cryptocurrency.
The Bitcoin bull run was in full force at the time. British news outlet City A.M revealed in February that BNY Mellon and cryptocurrency custodian Fireblock were working together to establish a custody platform for digital assets.
In March 2021, the firm’s Series C investment round included participation from the oldest U.S. bank. The second-largest stablecoin, USD Coin (USDC), is backed by reserves that are managed by BNY Mellon, according to a decision made by cryptocurrency business Circle in late March.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu